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Jan 12, 2013 4:50pm EST
communities around the united states. >> thank you, senator. is there really no other way? >> steve argues that there is an inability for servicers to write down principal on private label securitized loans absolutely false. writing down a principal has been increasing over time on private label securitized loans. there is no ability for a servicer of a fannie or freddie loan to actually write down. there is a big distinction there. second, he says that we, m.r.p., can't figure out a way to get these loans out. it is because m.r.p. doesn't actually own the loan. what they are proposing at the core of its proposal is m.r.p. wants to take loans from somebody else. that is what eminent domain is all about. the person does not want to sell you those loans so you grab them without that person's consent. we'll come back to legal issues throughout the discussion here. sticking to the policy side of it, there is a reason you can't get out of the trust. the reason is the united states government, the u.s. department of treasury through tax law, does not allow those loans to be sold out. when
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